Part-nationalised British bank Lloyds (LLOY.L) might have to sell much more of its business than already required by regulators to boost competition in the British banking sector, a UK banking commission said. However, the Independent Commission on Banking (ICB) added in its interim report that it would be unwise to unwind Lloyds' 2008 emergency takeover of rival HBOS. Britain rushed through approval of Lloyds' takeover of HBOS in 2008 at the height of the financial crisis in a move it said would help to stave off the collapse of the country's banking system. The government owns roughly 41 percent of Lloyds and 83 percent of rival Royal Bank of Scotland (RBS.L) after bailing out both banks with billions of pounds of taxpayers' money during the credit crisis.
Source
